Tuesday, November 26, 2013

Perils in withdrawing cash

If
there is one thing that I always shudder to think about; it is withdrawing
cash from a bank or an ATM. Whenever I realise that I am short of
cash and I would have to visit a bank, I become tense and uneasy, even when I know that it is my own money and I have every right to
withdraw it from the bank. Though I have been doing it for years and
years, it still gives me goosebumps.

Last
week a young woman was attacked, while withdrawing money from an ATM,
early in the morning, in the Indian city of Bengaluru. This incident
has brought to fore again, the risks and dangers that can await
anyone while carrying out this mundane task. This incident really set
me thinking and I realised that I have had so much varied experiences
in withdrawing cash that the readers might find it very interesting.

It all
started when I took up a job as a young engineer way back in 1960's.
I worked in an office that was located in Mumbai's posh Nariman point
area. Since our company had told us that our salaries would be
directly credited to our bank accounts, it became necessary to open
an account in a bank branch nearby so that I could withdraw cash
during my lunch recesses. I opened an account in a bank nearby known
as 'UCO Bank.' Banks were not nationalised then and this bank
belonged to an Industrial conglomerate controlled by Birla group.
When I was told by end of the month that my salary was credited to my
account, I went to the bank. I found that withdrawing money from this
bank branch was a nightmarish affair. The bank had number of cages
where its staff sat. After a cheque was submitted to a clerk, he
would give back a brass token with a number engraved on it. It would
take about half an hour to reach the cashier, who would then call
names on a public address system. I had to enter another cage and
return the brass token to get my cash. The whole experience gave a
distinct feeling of being unwanted in the bank. Very soon, when a
branch of 'First national city bank, opened in the same building,
where my office was located, I shifted my account there. This bank
was just opposite of the earlier bank. Everyone including the cashier
sat in open and there was a teller system. Being a new branch,
sometimes they did not even had bank ledgers with them. So when a
customer wanted to withdraw cash, they would telephone head office,
find out the cash balance in the account and simply handed over the
cash. By so far this was the most pleasant banking experience for me.

In
those days, if one travelled abroad, one had to carry what was called
as Traveller's cheques, which were encashable in the local currency
at a bank. Once, a bank in France refused to encash my traveller's
cheque because they said my passport had a worn look and asked me to
go to their head office. A bank in US insisted in giving me 100
Dollar bills only, when I pleaded for 10 or 20 Dollar bills. There
would always be few moments of tension and suspense as the foreign bankers
examined my traveller's cheque as if that piece of paper has come
from another planet and most reluctantly would part with their cash.

Later,
computerisation came to the banks and ledgers were substituted and
new ATM machines came up. I can not say that with these modern
gadgets, my anxiety, when withdrawing cash, really diminished in any
way, it actually got enhanced. Here are some of my ATM experiences.
Firstly a word or two about the machines themselves. ATM machines
have no standardisation at all. Some machines require your debit card
to be kept inserted all through the transaction time, whereas some
machines require it to be inserted and removed back immediately. Some
machines want you to prove that you are not a robot and ask you to
punch a two digit number before you can actually commence the
transaction operation. Some machines ask your preferred language. All
this really confuses me so much that even after having used the ATM,
hundred's of times, I am still a bundle of nerves, while entering an
ATM machine kiosk.

About
2 years back I was visiting Leh city, capital of India's northernmost
region, Ladakh. While planning for the trip I had estimated that I
would need around 30000 Rupees for food and shopping expenses there.
I took 10000 Rupees cash with me and thought that I would withdraw
balance amount from an ATM there, a decision which later I regretted
much. Leh is a city of 100000 people with as many tourists at any
given time. This city unfortunately has just 4 ATM machines. Almost
at any time of the day, there is a queue of at least 100 or 150
people in front of the ATM machines. I had to make at least two
attempts and waste several hours to get cash. Besides the ATM's are
so badly managed there that when one stands before a machine, at
least 4 people keep looking at the data he is putting in the machine.
After that unpleasant experience, I have always started carrying cash
around instead of debit cards, when I travel.

One
State bank ATM Kiosk, which I frequent, has a machine which behaves
according to its own whims and fancies. Sometimes I get a message
that my debit card is unauthorised. Another ATM kiosk set up by Bank
of India, also has a accounts statement printer machine standing next
to it. There are always other people in the kiosk snooping on you,
when you withdraw cash, which makes one feel insecure.

So
what should we do? I suppose there is no alternative to using ATM's,
but if one follows these norms, which I follow strictly, the chances
of happening something similar to what happened to a young lady in
Bengaluru city last week are extremely rare. My first rule is to
visit the ATM as far as possible during working hours. I never
withdraw cash in evenings, early mornings or nights. Sometimes, this
may not be possible, I would then choose a ATM which is not located
in a remote place. If I have to withdraw large amounts of cash, I go
to the bank itself and normally request someone from the family to go
with me. Visiting ATM's in strange, unfamiliar places and that too at
night is an open invitation to anti social elements.

ATM's
no doubt bring lots of convenience to our day to day life. We should
treat them with respect and caution.